Tenant Rep Brokers Services
Tenant Rep Broker Services
This blog article from HelpMovingOffice.com looks at the key services provided by Tenant Rep Brokers.
You may be unsure whether your company should move to a new office or renew/renegotiate your existing lease. A Tenant Rep Broker can help you look at your business & property strategies in order to evaluate the options available and then discuss which will be the most appropriate for your company.
Should you decide that an office move will serve your business better, your Tenant Rep Broker will then work with you to firm up on your requirements - which will involve assessing how much office space you will need (both now and in the future) and discussing building classifications, locations, specifications, amenities, office space budget and optimum timing for your office move.
Once your needs have been established your Tenant Rep Broker will begin the search for all suitable properties that fit your requirements. Utilizing a combination of market knowledge, in-house systems and computerized property databases (available only to commercial real estate professionals) they will source every available office space that meet your requirements. They will then submit a report which will give you the necessary information from which you can then select your "long list" of potential options.
Once your Tenant Rep Broker has provided you with the details of all office properties that fall within the scope of your requirements, they will then take care of the arrangements for you to view your chosen properties. They will accompany you to the viewings of your chosen long list and be there to provide on-the-spot advice & answers to any questions you may have.
Detailed Cost Analysis
Once you have conducted your first round of viewings your Tenant Rep Brokerwill work with you on the selection of your short list (ideally at least 3). They will then organize further visits to these office spaces so that you can see them again and assess the pro's & con's of each. Your Broker will then make contact with the Landlord (or their listing broker) to determine what sort of deal can be done. Your Broker will then provide you with detailed cost analysis on your preferred options (to include rental rates, lease length, tenant improvement allowances, rent free period etc). This financial analysis is a crucial step in your evaluation process - as it will help provide a clear comparison between the options from a financial perspective (allowing you to budget effectively for the entire proposed lease term).
This is where the real value of their experience and market knowledge kicks in. Your Tenant Rep Broker will have an intimate knowledge of your local market and know the sort of deal that can be done. Your Broker will, on your behalf, undertake all negotiations with the respective Landlord(s) to secure the best possible terms for your business. Their finger is right on the pulse when it comes to knowing market rates for office rents and also in achieving valuable landlord concessions including rent free periods, tenant improvement allowances, flexible leases and other provisions.
Doing the Deal
Your Tenant Rep Broker will work closely with your legal representatives in reviewing the lease documentation and help with any subsequent negotiations through to the completion of the deal. They will also be on hand to provide you with regular briefings on the state of play and will monitor the transaction until the deal is closed and the lease is executed.
Ongoing Lease Monitoring
When you work with a good Tenant Rep Broker the relationship doesn't end when you've signed the lease and done the deal. They will work with you on any Landlord / Tenant issues during the course of your lease. They will also be able to keep you aware of any critical break option dates during the lease and discuss with you any changing office space needs your company may have
TENANT REP BROKERS - Summary
When it comes to finding the right office space - and then negotiating the best deal - a good Tenant Rep Broker will not only make sure you don't make any mistakes but will also save you money over the term of the lease.
Utilizing the expert advice & knowledge of a Tenant Rep Broker is FREE for the tenant, because they get compensated by the owner of the property that your business decides to move in to.
Working with the right Tenant Rep Broker means that you will pay LESS for your office space.
Find out more information on the Tenants Guide to Finding Office Space.
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